UB industry partners reported $228 million impact on regional economy while supporting 1,883 jobs

BUFFALO, N.Y. — The University at Buffalo Business and Entrepreneur Partnerships (BEP), a division of the Office of the Vice President for Research and Economic Development, released a study that describes the impact made by UB’s industry partnerships over a one-year period.

BEP works to support and expand the regional innovation economy. It connects academia and industry; creates and maximizes partnerships to commercialize technology; grows existing and startup businesses; and provides pathways for experiential student learning and employment.

“Win. Win. Win. That’s the Power of Partnerships,” was commissioned to assess the impact of BEP’s partnerships, programs and state incentives focused on facilitating industry engagement and technology commercialization during the fiscal year July 1, 2016 to June 30, 2017.

UB’s industry partners:

• Had a collective economic impact on Western New York of over $228 million in just one year.
• Supported 1,883 regional jobs through direct and indirect employment.
• Raised nearly $121 million dollars from federal, state and non-governmental sources.

In addition:

• Partner companies paid an average annual salary of $63,254, which is $18,000 more than the average salary across all Western New York industries.
• 92 interns gained first-hand experience and 144 UB graduates obtained employment at partner companies.

“Most public universities are now proactively integrating economic development into their missions and are becoming primary drivers for advancing regional development activities,” said Christina Orsi, associate vice president for economic development. “Through our partnership with New York State, we are able to connect industry with expert faculty, funding opportunities and talented students leading to increased commercialization and the growth of emerging businesses.”

More about BEP

BEP connects business partners with UB scientists, graduates and student interns, and provides companies with access to equipment and facilities.

UB faculty members also benefit tremendously from these relationships. Through various programs, BEP funds the work of UB investigators who partner with area firms on research and development (R&D) projects. UB spinoffs launched by professors are among the businesses that have taken advantage of this support.

By working with hundreds of companies, BEP supports economic activity and employment across Western New York, New York State and beyond. It operates the following incubators, centers and programs at UB, with success measured by the impact on individual companies and the economy as a whole:

• UB Technology Incubator at Baird Research Park
• UB Biosciences Incubator at the Clinical Translational Research Center
• Western New York Incubator Network
• Buffalo Institute for Genomics and Data Analytics
• UB Center of Excellence in Bioinformatics and Life Sciences (CBLS)
• UB Center of Excellence in Materials Informatics (CMI)
• Center for Advanced Technology in Big Data and Health Sciences (UB CAT)
• START-UP NY

BEP also collaborates closely with entities such as the UB Center for Computational Research, helping to connect businesses with university resources.

BEP works with companies of all sizes, and has had a significant impact on the growth of small and mid-sized companies in Western New York. These range from new startups to firms like Sentient Science, which employs more than 50 people and has drawn attention to the region’s sophisticated capabilities with its technology — a multi-physics computer program that predicts when rotating machines will fail. The system, installed on 20,000 wind turbines, could reach 100,000 turbines in the near future.

For full case histories and/or to view the impact study, visit: http://www.buffalo.edu/research/business/landing-pages/impact-study-2017.html.

For more information about BEP, visit: http://www.buffalo.edu/research/business.html.